Posted by sue_pa on 2/21/08 8:46am
Msg #236349

Professional Settlements (PSS)

from Costa Mesa sent out an e-mail about e-signing.

...PSS is soon to embark upon an eSign program with a prominent east coast lender. In an effort to begin to acclimate our closers to a new signing process, we are contacting our preferred closers with some simple questions in the hopes of securing ample coverage in a variety of states.

For those who are not familiar with the eSign closing process, the basic premise is this……a portion of the documents the borrower signs are done via electronic signatures. There are still documents which will require a wet signature (as well as a notarization) but the remainder of the documents will be signed with an “I agree” or “I disagree” acknowledgement via computer.

At this point, there is no way to determine the number of closings that may be available via this method – it goes without saying that closings will still be performed the “old-fashioned” way. Nonetheless, in an ideal situation, and for the most borrower convenience, we are looking to have the closer bring, to the signing location, a laptop with wireless capabilities to facilitate the eSign portion of the signing.

Given that, we are asking our closers the following….

Do you have a laptop with wireless internet capabilities* that you are willing to bring to a signing location to facilitate the eSigning? *meaning a “go anywhere” wireless connection that connects to the internet anywhere a cell phone works. EV-DO, wireless PC card with a monthly service through a major cell phone service provider.
Do you have a laptop that you are willing to take to signing locations and know of public places that offer internet services that you can easily connect to… including but not limited to, free wi-fi cafés, local shops, etc.?
If we do not have closers available with laptops and Wi-Fi/wireless internet service, we will hopefully be able to either utilize the borrower’s home computer OR utilize a computer at a public location (such as a library).

Would you be willing to conduct an eSign via the borrowers home computer or even utilize a public computer at a library?
Please be forewarned that conducting closings via eSign is not as easy as “point and click” and will involve a certain amount of pre-closing education on your part. Our goal is to open up more closing opportunities to our preferred closers while ensuring our clients we have experienced and capable closers at the signing table.

If you are truly interested in conducting these type of closings and have the equipment necessary, please reply to this email with your full name and brief answers to the above questions. Over the next few weeks, we will be able to give you more information particular to the eSign process and can begin to assist you in conducting successful eSign closings....

*********

So, I sent them a reply and asked what they are going to pay for all this. They replied ...Please reply with answers to questions 1-3 below. Please keep in mind we are contacting our closers to see if we can accomodate the ESign Program. A fee will be discussed when/if we start this new signing process....

Now mind, I don't believe I've ever worked for them even one time - and if I did it was once or twice, YEARS ago so I'm not sure how I'm on their "preferred" list. They go from having "embarking on a new esign program with a prominent east coast lender" to "when/if" there is even a program.

WHY IN THE WORLD WON'T THEY GIVE A GENERAL FEE RANGE? I'm guessing because they want to see how many people say they can/will do this. 100 people saying yes means they can slash the fee - 10 people saying yes means they may have to slide the pay scale up a tad. Just churning thoughts in my mind.

Reply by jba/fl on 2/21/08 9:30am
Msg #236355

"WHY IN THE WORLD WON'T THEY GIVE A GENERAL FEE RANGE? I'm guessing because they want to see how many people say they can/will do this. 100 people saying yes means they can slash the fee - 10 people saying yes means they may have to slide the pay scale up a tad. Just churning thoughts in my mind. "

I have to agree with this assessment. I do closings for them on occassion, but only after I hear the line "I'll have to get that approved." Of course, sometimes I never get a reply. I don't think I will knock myself out to get ready for this as I still think that those who are ready should be paid better, initially at least. Kind of a research/development fee recoup.

Reply by Les_CO on 2/21/08 12:07pm
Msg #236368

This is coming from several lenders. They are putting out 'feelers' to different Title Companies, and some of them to whatever SS they use (if any). What I've heard is they (lender) are willing/wanting to PAY $50....that means you and I will be asked to do them for less....maybe $35? Maybe only notarize 3 docs...but still have to go over the entire package. My NSA hat says $100, my notary hat says (CO $5 per notarization, plus travel) at least $50. My gut says I won't be doing many.

Reply by ALL SONOMA MOBILE NOTARY - Judith Neeley on 2/21/08 12:46pm
Msg #236379

I am embarking on a new career enrolling folks into Medicare Advantage Plans from plain Medicare. If I submit the application online, I get paid an EXTRA $100 per application! (so the total is up to $375 depending on the ins. co the choose) So I purchased a reconditioned laptop to take in the field with me. They even provide - for free - the signature pad to plug into the laptop.

Just seems these signing folks are bottom feeders - expect you to have or invest in extra equipment and monthly service fees and then they will pay you LESS? @ss backwards, in my opinion. Notaries should be paid MORE if you have to have extra equipment to do this job. Notaries should unite and ALL tell them this! Any other business would charge more.

Reply by ALL SONOMA MOBILE NOTARY - Judith Neeley on 2/21/08 12:50pm
Msg #236381

Not to mention how many signers would want their personal information going over the internet via potentially unsecure wireless at some internet cafe?

Reply by justin/CA on 2/21/08 5:45pm
Msg #236453

Re: Judith, I sent you a pm n/m

Reply by ALL SONOMA MOBILE NOTARY - Judith Neeley on 2/22/08 1:51pm
Msg #236639

Re: Judith, I sent you a pm

I just sent you one back, thanks!

Reply by JanetK_CA on 2/22/08 1:06am
Msg #236515

I heartily agree on both points in your two messages above. On the first one, I feel having the right equipment to handle the job puts us into a more exclusive group, thereby making us more valuable. It's kind of like speaking a second language. Not everyone can do it. Also, not only do we have the extra investment up front, but to have an "anywhere" wireless connection requires ongoing monthly fees. No company should expect that recouping a required business investment should be paid by all the other guys. Until it becomes commonplace, fees should be higher.

I also anticipate that there will be problems. I know in my hilly area, there are lots of places where cell phone reception is out of the question.

And, as you said, the security issue is a whole other ball of wax!